Romanian lender UniCredit Tiriac more than doubles first quarter net profit

Romanian lender UniCredit Ţiriac posted a net profit of EUR 13.7 million in the first quarter of 2013, up by 166 percent on the same period of 2012. “The solid position of financial indicators and the positive long term expectations for the local market led to the acquisition of the retail portfolio of RBS Romania,” said Răsvan Radu, CEO of Uni­Credit Ţiriac and president of the UniCredit Group in Romania. The bank ended the first quarter with EUR 3.9 billion in loans, up 6.8 percent, while deposits were at EUR 2.7 billion, a growth of 9.2 percent. The consolidated assets of UniCredit Tiriac Bank, UniCredit Leasing Corporation and UniCredit Consumer Financing were at EUR 6 billion, while the net profit of the group was of almost EUR 14 million, more than double than during the same period of last year. UniCredit Ţiriac Bank and UniCredit Consumer Financing IFN recently took over the Retail and Royal Preferred Banking business of RBS (Bank) Romania, which has EUR 315 million in assets and EUR 230 million in liabilities. The RBS Romania staff within the Retail and Royal Preferred Banking business will move to UniCredit Ţiriac Bank, “subject to consultation with the social partners,” according to UniCredit. This was the second such deal, after the Raiffeisen Bank takeover of Citi's retail portfolio in Romania earlier in March. editor@romania-insider.com